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Pending Home Sales at Highest Level Since 2007

December 3, 2012

Pending home sales rose sharply in October and are now at the highest level they've been since March 2007, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 5.2 percent to 104.8 in October from an upwardly revised 99.6 in September and is 13.2 percent above October 2011 when it was 92.6. The data reflect contracts but not closings. On a year-over-year basis, pending home sales have risen for 18 consecutive months.

“We’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation, and rising consumer confidence about home buying now that home prices have clearly turned positive,” he said.

Outside of a few spikes during the tax credit period, pending home sales are at the highest level since March 2007 when the index also reached 104.8.